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Fisker and Magna sign long-term manufacturing agreement

Fisker Inc. signed a binding agreement supporting manufacturing with Magna International. Along with the previously signed agreements on electric vehicle (EV) platform sharing and ADAS package, this finalizes the framework established between the two companies beginning in October 2020.

Fisker and Magna also confirmed that production of the all-electric Fisker Ocean SUV is projected to start on 17 November 2022 at Magna’s manufacturing facility in Graz, Austria, where they have produced more than 3.7 million vehicles for several global automakers.

This agreement is broad-based and comprehensive, covering planned volumes, manufacturing costs and quality metrics over the program’s lifecycle through 2029. It covers all stages, including the critical planning and launch phases. This agreement underpins all facility investments, including bodyshop, a clear path to start-of-production in November 2022 and rapid ramp-up to full run-rate production.

This contract strengthens the partnership between Magna and Fisker, providing opportunities to increase volumes with the Ocean or other FM29 architecture variants, as well as collaboration on efficiencies in the production process that may drive post-launch manufacturing and cost innovations.

The Fisker Ocean SUV will use a version of a Magna-developed electric vehicle architecture modified by Fisker to create the FM29 platform, and in the process, create new intellectual property (IP). Combined with Fisker-developed IP, the new aluminum-intensive FM29 platform is projected to deliver class-leading range and interior space at a Bill of Materials and manufacturing cost that enables the Ocean to enter the market at a starting MSRP of $37,499 in the United States (excluding EV-related subsidies) and below €32,000 in Germany (including taxes and EV-related subsidies)—as well as offer compelling, high-value option packages to customers across the Ocean’s entire price range.

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